Inverse Finance, the Ethereum-based DeFi tool, saw over $1.2 million in cryptocurrency mining as of Thursday, June 16, CoinDesk writes, citing on-chain data.
The exploiters apparently used a flash lending attack, tricking the protocol into stealing over 53 bitcoins. The sum was worth more than $1.1 million. There were also 10,000 ties taken, which are pegged on a 1-1 basis with the US dollar.
In other news, Huobi Technology Holdings, which is a crypto platform operator, will now close its unit in Thailand after the regulator revoked its license there, Bloomberg wrote.
The license was revoked by Thailand’s Securities and Exchange Commission (SEC) after Huobi failed to set up systems and personnel in accordance with rules and regulations.
Additionally, Benjamin Delo, who founded crypto derivatives exchange BitMEX, was sentenced to 30 months probation for violating US anti-money laundering law, the Wall Street Journal (WSJ) wrote.
Prosecutors said he and other founders “deliberately defied” US law when they failed to implement know-your-customer procedures at the company.
Additionally, Ethereum mining could dissipate and it will be a “huge financial blow,” according to a source speaking to Bloomberg.
If Ethereum mining collapses, it will be because of “The Merge,” referring to a transition to less energy-intensive technology.
This would end up potentially shutting down mining for ether and becoming “an almost complete loss of a good source of revenue.”
In other crypto news, the Bank of Israel will work with the Hong Kong Monetary Authority to test a new digital currency, writes Bloomberg.
This will be accompanied by testing against cybersecurity risks.
The project will use a two-tier CBDC, and will be issued by the central bank and distributed through various banks or other intermediaries.
Meanwhile, Changpeng Zhao, CEO of Binance, said volumes on the crypto exchange this year so far were similar to $34 trillion in 2021, according to CoinDesk.
“So far this year, we’re pretty much the same,” he said. He added that Binance was trading around $120 billion as of June 15.
In other news, Crypto hedge fund Three Arrows Capital has failed to respond to lenders’ requests for more funding since its digital currency bets went south, according to a Financial Times (FT) report. .
The group’s inability to meet margin calls over the weekend makes it the latest victim of a sharp decline in various crypto prices.
Three Arrows is among the largest and most active platforms in the crypto industry.
Finally, Bitso, the Latin American crypto exchange, has handled approximately $1 billion in crypto remittances between Mexico and the United States so far this year, CoinDesk wrote.
This represents growth of approximately 400% compared to the same period last year.
The company’s goal is to process $2 billion in global remittances to Mexico starting in 2022.
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Bitso Has Processed $1 Billion in US-Mexican Remittances Year-To-Date
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